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October 18, 2017 in Blog

Changes to Mortgage Lending Rates for Uninsured Mortgages

On Tuesday October 17th the Office of Superintendent of Financial Institution (OSFI) changed the lending guidelines for federally controlled financial institutions (big banks) now requiring banks to qualify for mortgage rates at the Bank of Canada’s five-year benchmark rate. This means borrowers will need to qualify at a rate two percent higher than their contracted rate. This new change is... Read more